Your Frequently Asked Tax Questions Answered by Our Tax Specials
If you have tax questions, we have the answers! Below we’ve compiled a list of common questions our tax advisors answer. After reading through our FAQs, if you still have questions give us a call at 403-970-1402 or fill out our contact form to schedule an appointment with one of our tax advisors.
General Questions
A professional bookkeeping plays a crucial role in ensuring the accuracy and compliance of financial records. The accountants analyze financial records to prepare tax returns, create budget reports, and conduct audits for their clients. These accountants ensure that financial records comply with federal, state/provincial, and local laws and regulations.
Tax preparation is typically an annual one-time process where your accountant will prepare your tax return for filing by the tax deadline. Tax preparation aims to ensure you file your taxes accurately and on time. Tax planning a an ongoing process done throughout the year that is focused on creating strategies to minimize your tax liability and maximize your financial well-bing. Both individuals and business owners can take advantage of tax planning services, which are typically performed by a professional accounting firm with in-depth experience and knowledge of tax law, rather than a tax preparer.
Tax Questions
Most Canadians must file their tax return by April 30, which is also the deadline to make a payment for those who owe money to the government. Canadians who are self-employed, along with their spouses or common-law partners, have until June 15.
Canadian corporations have up to six months to file their tax returns. However, the corporate tax payment deadline is typically two months after the fiscal year end. Under specific conditions, some corporations may qualify for an extended three-month payment deadline. The filing and amouns owing for business annually GST/HST returns are due 3 months after the fiscal year end.
T4/T4A/T5 slips must be distributed and filed on or before the last day of February following the calendar year to which the slips apply. The T5018 information return is due on or before six months after the fiscal year end. If your business stops operating, you must file the T5018 return within 30 days of the date your business ends. Employers can be penalized $25 per day late, with a minimum penalty of $100 and a maximum penalty of $7,500.
U.S. individual income tax returns are typically due April 15, unless the date falls on a weekend or holiday or you file Form 4868 seeking an extension until October 15.
A corporate taxpayer is required to file an annual tax return (generally Form 1120) by the 15th day of the fourth month following the end of the corporation's tax year. A taxpayer can obtain an additional six-month extension of time to file its tax return. However, a corporation with a fiscal tax year ending June 30 must file by the 15th day of the third month after the end of its tax year. The partnership tax return is generally due by the 15th day of the third month following the end of the tax year. The due date for S corporation tax return is the 15th day of the third month following the end of the tax year.
The form W2 deadline for providing this form to employees and the form 1099s deadline for providing this form to independent contractors for 2024 is Jan. 31, 2024. The deadline for W-2s and 1099s for state income taxes varies from state to state based on several factors, including whether the state levies a state income tax in the first place.